Green Line pumping up Bangkok land prices
Land developers sold 23,425 condominium units during the third quarter along the northern stretch of Bangkok’s Green Line mass transit railway and another 19,931 along the southern segment.
The northern portion extends from Mo Chit to the planned Khu Khot station and the southern from Bearing to Samut Prakan.
Phattarachai Taweewong, an associate director at Colliers International (Thailand), said this week the prime residential locations along the northern portion appear to run from Ratchayothin intersection to Lak Si circle.
“The areas around Ratchayothin, Lak Si Monument and Kasetsart University stations, which are likely to connect with other transit lines, have potential too,” he said. “The land will be heavily utilised in the future as the city plan changes when the two train lines are linked.”
Phattarachai noted that land prices have also soared around Lat Phrao intersection this year. “At the beginning of 2019, SC Asset Corp paid a record Bt1.4 million per square wa, more than 50 per cent the price a few years ago.”
Land between Ratchayothin intersection and Kasetsart University now fetches Bt400,000 to Bt600,000 per square wa, almost twice the value of two years ago.
“Further out, the price is usually under Bt300,000 and will not increase as much as around Lat Phrao intersection and Lak Si circle,” Phattarachai predicted.
The average price for new condos in these prime areas tops Bt150,000 per square metre, higher than going rate along the northern Green Line but likely to rise as the transit line continues to expand.